| 
May 17, 2023
Change of direction? News Corp, Telefónica, S.A., Vodafone Group Plc, among others, are approaching price targets.
Yesterday's session summary: Leading equity indices in the US declined as after dropping 1%, Dow Jones closed at 33,000. S&P 500 shed 0.64% and closed at 4,110.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Let's review some communication_services stocks and their price targets.
News Corp's price target: $18.16 | Last close: $18.37 | Daily range: $18.21 – $18.66 | Off hours: $18.54
News Corp is eyeing the $18.16 support line.
An influx of sellers pushed the media giant to session lows around $18.21 while establishing a $18.21 to $18.66 session range yesterday. Daily trading volume (2.69 million shares) was slightly greater than the current multiday average of 2.65 million.
Buyers pushing Telefonica towards its price target of $4.29; currently at $4.25
Telefonica's recent run now faces a major challenge as concentrated supply is likely found at $4.29 with price action currently 4 cents away.
Telefonica has posted further gains as part of a 4 day trend that has already seen the stock gain 7 cents. Telefonica stayed on track yesterday: after closing at $4.23 on Monday, Telefonica maintained a strong bullish bias that helped the stock close higher at $4.25 yesterday. However, market bears ensured the the Spanish telecoms giant topped out at $4.27 and that by the end of the session, the market had marked out a distinct $4.24 to $4.27 range. Yesterday's trading volume was 728,951 shares which is slightly below the 21-day average of 1 million.
Vodafone Group's price target: $10 | Last close: $10.24 | Daily range: $10.08 – $10.6 | Off hours: $10.45
A persuasive break of this target could lead to higher losses.
Over the last 10 days, Vodafone Group has fallen 14.38%. yesterday's session continued the recent downtrend: after ending Monday at $11.22, Vodafone Group dropped to $10.08 early in yesterday's session and closed at $10.24. In total, it lost 8.73%. Daily trading volume (15.99 million shares) increased, making up 297% of the 21-day average (5.38 million).
